HomeMy WebLinkAbout~Master - Ames Municipal Utility Retirement Report RESOLUTION NO. 16-617
RESOLUTION ACCEPTING AMES MUNICIPAL UTILITY RETIREMENT REPORT
FOR THE CITY OF AMES
WHEREAS, the Municipal Code of the City of Ames, Iowa, Section 28.403, established a
participant review board elected from various utility departments that have members of the Ames
Municipal Utility Retirement Plan; and,
WHEREAS,duties of the Board are to monitor,review,and evaluate,on a continuing basis,
the performance of the Ames Municipal Utility Retirement Plan and report annually to the City
Council; and,
WHEREAS, the City of Ames is the plan sponsor for a 401(a) defined contribution
retirement plan; this plan is available to employees who receive at least ten percent of their salary
funding from City of Ames utilities, and Vanguard serves as plan administrator for the City; and,
WHEREAS,the Plan has a total balance of over$29.5 million with 119 participant accounts;
and,
WHEREAS, the Plan balance has been broken down by investment fund type, including
beginning and ending balances, total number of participants, and percentage of total assets; and,
WHEREAS,the Utility Retirement Advisory Board accepted the review and contents of the
Vanguard report,and recommends that the relationship with Vanguard as the plan administrator be
continued.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that acceptance of the Ames Municipal Utility Retirement Plan Report is hereby approved.
ADOPTED THIS 25`h day of October, 2016.
A. cam'• �a++s�
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Nelson
Seconded by: Corrieri
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin,Nelson, Orazem
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 25th day of October, 2016.